Regulatory Investigations Update - May/June 2015

The first half of 2015 has drawn to a close, along with a number of important regulatory investigations, bringing in their wake further record fines. The penalties imposed on five global banks in November 2014 in response to misconduct regarding the FX market and on Clydesdale Bank for failures in relation to its PPI complaints handling process, have to some extent been overshadowed by those levied on two other banks for misconduct in the same areas of their businesses.

The last two months have also seen the fining of individuals at different levels of the professional strata, and witnessed the start of the first trial of a trader in relation to LIBOR rigging. Whilst the level of fines imposed indicates that the FCA continues to see enforcement as a powerful means of getting its message across to the market, there continues to be a significant focus at both regulators on ensuring firms address the root causes of misconduct by focusing on culture and the proactive management of conduct risk.

Download entire issue (as pdf)